Retirees are increasingly moving to Central and South America to retire and take advantage of economies where the dollar retains some strength.
"While precise figures aren't available, a compilation of data and anecdotal evidence suggests that aging Americans aren't only interested in buffing their tans or improving their golf swing, but are actively seeking out lower living costs in places where the much-debilitated dollar still reigns."
"'It's very limited in the States what you can choose from but in retirement havens all around the world you can stretch your dollar three times more,' said Kelly Campbell, a certified financial planner and owner of Campbell Wealth Management. 'It can be more affordable to retire abroad than in the States.'"
"That remains true even as economic concerns batter U.S. markets. Housing prices might have fallen more than 30% in once hot markets on the East and West coasts but they're still exponentially higher than prices in the developing world, said planning experts."
Comments
Yankee Come Home
I think the percentage of people retiring abroad is up but they are outnumbered by Americans staying in the U.S.. Higher earnings in the U.S. and dramatically lower cost-of-living expenses abroad are an attractive alternative to me.
With increased immigration (illegal and legal) and somewhat declining births to native-born Americans, we have the prospect of older Americans taking their money and running while the country faces a wave of younger workers. There's an irony involved when one of the reasons we wink at illegal immigration is to prop up the failing Social Security system but some recipients are leaving the country with their assets. Since I have relatives living in a cheaper, less developed country, I too, might take my money and retire abroad. That's several years off though.
"Concentrating its research in communities in Panama and Mexico, the Migration Policy Institute found that a large portion of those who moved there cited affordable health costs as chief among the reasons that pushed them to look outside the United States."
That's telling. Presumably, health care there is no doubt less sophisticated as well so people don't need state-of-the-art health in exchange for cheaper health care.